On April 20, 2024 as part of the Budget Legislation, NYS Governor Hochul signed into law major new and amended housing laws which will reshape residential development and ownership in New York City and New York State. Rosenberg & Estis, P.C. has been closely...
Industry Updates
NYC Metropolitan Area Sees 10% Increase in 2024 Area Median Income: Implications for Affordable Housing Regulations
The U.S. Department of Housing and Urban Development has just issued the 2024 Area Median Income numbers for the NYC Metropolitan Area (“AMI”) which show an approximate 10% increase over 2023 AMI numbers. AMI numbers are typically used by regulatory agencies to...
Green Fast Track for City Housing
On March 20, 2024, the City Planning Commission formally adopted the Green Fast Track for Housing rule changes to reduce the burden of environmental review on new housing developments by shortening approval times and reducing costs for new housing projects. The plan...
Governor Signs Rent Stabilization Chapter Amendment
Governor Signs Rent Stabilization Chapter Amendment As we previously advised, on December 22, 2023, Governor Hochul signed S2980C, related to a series of housing issues, and subject to a negotiated chapter amendment to be passed by the Legislature during the...
M-CORE UPDATE: Second Round of Applications Due April 15, 2024 for New Financial Incentive For NYC Commercial Office Improvements
The NYC Economic Development Corporation (EDC) has announced the opening of the second submission round for the NYCIDA Manhattan Commercial Revitalization Program or “M-CORE” which offers substantial financial incentives for improvements to commercial office...
Governor Issues Proposals to Increase Housing Supply, Incentivize Conversions and Development
Governor Kathy Hochul has released five key legislative proposals to increase housing supply, incentivize conversions, and develop new multifamily housing with affordability requirements. Create an “Affordable Housing from Commercial Conversions” or “AHCC” property...
NYC Property Tax Assessed Values Increase for 2024
The NYC Department of Finance (DOF) released the tax year 2024/25 tentative assessment roll on January 16, 2024. The Tax Commission application filing deadline to protest assessed values is March 1, 2024. DOF will use these values to compute taxes due July 1, 2024. To...
NYS Assembly Introduces Chapter Amendment to Recent Rent Stabilized Housing Legislation
As we previously advised, on December 22, 2023, Governor Hochul signed S2980C, related to a series of housing issues, and subject to a negotiated chapter amendment to be passed by the Legislature during the legislative session, which began on January 3, 2024. On...
ICAP Deadlines Coming in Early 2025: Plan Your Commercial Project Now
The Industrial and Commercial Abatement Program (ICAP) provides a New York City property tax abatement for the construction or renovation of commercial, industrial, and certain mixed-use properties. In order to be eligible for these property tax benefits, property...
Carbon Neutrality Zoning Amendments: New Opportunities for Developers and Property Owners
On December 16, the City Council approved City of Yes for Carbon Neutrality, a series of zoning amendments designed to further the city’s target to achieve carbon neutrality by 2050. The proposal is the first of three major zoning changes put forth by the Adams...